Tamilnad Mercantile Bank Witness 37.15% Rise In Q2 Net Profit
During a filing with the Bombay Stock Exchange, the private sector lender posted a net profit of Rs 190.74 crore in (Q2FY22). Also, TMB’s NII rose 15.6 per cent YoY in Q2FY23 at Rs 508.16 crore. Its non-interest income went down to Rs 144.8 crore in Q2FY23 as compared to Rs 150.9 crore in Q2FY22
Tamilnad Mercantile Bank’s (TMB) net profit went up by 37.15 per cent year on year (YoY) to Rs 262.3 crore in the second quarter ending September (Q2FY23), followed by an improvement in its net interest income (NII).
During a filing with the Bombay Stock Exchange, the private sector lender posted a net profit of Rs 190.74 crore in (Q2FY22).
The bank’s stock was traded at 1.77 per cent higher to Rs 496.3 per share on BSE on 27 October.
Also, TMB’s NII rose 15.6 per cent YoY in Q2FY23 at Rs 508.16 crore. Its non-interest income went down to Rs 144.8 crore in Q2FY23 as compared to Rs 150.9 crore in Q2FY22.
The lender’s asset quality profile too reflected an improvement with gross non-performing assets (GNPAs) at 1.7 per cent at September 2022 end, in comparison with 3.31 per cent in the year-ago period. Net NPAs went down to 0.86 per cent from 1.82 per cent.
The provision coverage ratio corrected to 88.58 per cent for the quarter under review from 80.5 per cent from last year.
The bank’s loan book witnessed a surge 10.38 per cent YoY, but lower than the banking system’s pace of loan book expansion to 16.4 cent YoY in September 2022. Meanwhile outstanding advances were booked at Rs 34,876 crore as of September 2022.
The deposits recorded a growth by 5.15 per cent YoY to Rs 43,136 crore at September 2022 ending. As against banking sector deposit growth of 9.2 per cent, this was lower.
The total capital adequacy ratio (CAR) of bank stood at 24.58. per cent in September 2022, going up from 18.87 per cent a year ago.